This invention relates to a method and apparatus for use in entering financial data into an electronic device and, particularly, to a method and apparatus for use in entering magnetic ink character recognition (MICR) characters into a computer.
Individuals, businesses, government agencies, and other institutions of all types issue paper checks to make payments to merchants, creditors and other providers of goods and services in the United States and internationally. In a traditional payment transaction, a purchaser (the payor), presents a physical (i.e. paper) check to a merchant selling goods or services (the payee). One of the key elements on the physical check is a magnetic ink character recognition (MICR) code line (the xe2x80x9cMICR linexe2x80x9d), which is usually located on the bottom of the financial document. The MICR line includes a series of characters necessary for financial institutions and others to process the check. For a physical check, the MICR line is composed of at least two fields which can be read by a special MICR reader/sorter that can distinguish the magnetic ink characters.
The MICR line characters include decimal numbers from 0 to 9 and MICR symbols. The MICR symbols allow the MICR reader to distinguish among the different fields in the MICR line. A first MICR symbol is called an xe2x80x9con-usxe2x80x9d indicator. The issuing financial institution (i.e., the financial institution on which the check is drawn) determines the content of the xe2x80x9con-usxe2x80x9d field. Usually, the xe2x80x9con-usxe2x80x9d field identifies the account number of the account on which the check is drawn. However, other information can be disclosed in the xe2x80x9con-usxe2x80x9d field and more than one on-us field can be added to a paper check. A second MICR symbol is called a transit symbol. The transit symbol is always used in pairs on both sides of a transit or routing number. The routing number, which is 9 digits long, identifies the financial institution on which the check is drawn. A third MICR symbol is called a dash symbol. The dash symbol is used as a separator within the xe2x80x9con-usxe2x80x9d field and can be used in whatever way the issuing financial institution wants to use it.
One of the problems with an electronic check transaction is that the payor often fails to properly enter the MICR line data into an electronic device. For example, one system and method for allowing a user to enter the MICR line into an electronic device is to provide separate fields on a display for the user to enter the appropriate data. In this system there is one field for entering the routing/transit number and a separate field for entering the on-us number. The purchaser is required to properly enter the correct information in the appropriate fields. However, errors often occur because the purchaser of the goods or services is not aware of what information should go in each respective field. Accordingly, a better system and method for entering the MICR line is required.
The financial data entry system and method of the invention allows for a user to enter the MICR line data as seen on a financial document (e.g., a physical check) directly into a point of sale terminal or other computer input device. The user simply inputs all of the MICR numbers and symbols shown on the MICR line. This results in fewer errors because the purchaser is not required to distinguish among the different fields in the MICR line.
The entry system of the invention also provides basic typographical data validation routines at a server. The typographical validation routines help prevent the server from declining payment due to typographical errors by a purchaser. In other words, the typographical validation routines will provide a first level of data validation before the MICR code line is further processed for payment of the goods or services.
Accordingly, the invention provides a system for use in entering financial data, such as magnetic ink character recognition (MICR) characters, to an electronic device (e.g., a computer). The system includes a data input device (e.g., a xe2x80x9cmousexe2x80x9d or keypad) connected to the electronic device and operable to allow the user to input data to the electronic device. The system also includes a software program for use in connection with the electronic device and being operable to generate computer recognizable financial data characters in response to the input data from the user.
The invention further provides an entry system for use in entering magnetic ink character recognition (MICR) characters to an electronic device. The entry system includes a data input device in communication with the electronic device, a visual display unit in communication with the electronic device, and a software program for use in connection with the electronic device. The software program is operable to generate a command signal causing a plurality of virtual entry buttons to be displayed by the visual display unit. Each virtual entry button corresponds to a respective MICR character. In addition, the software program is operable to generate a respective computer recognizable code in response to user activation of one of the virtual entry buttons.
The invention further provides a system for use in entering magnetic ink character recognition (MICR) characters to an electronic device. The system includes a manual data entry device in communication with the electronic device. The manual data entry device is operable to allow a user to input the MICR characters to the electronic device. The system further includes a software program for use in connection with the electronic device. The software program is operable to generate computer recognizable code corresponding to the MICR characters.
The invention further provides a method of entering data into an electronic device. The method includes providing a data input device (e.g., a xe2x80x9cmousexe2x80x9d or keypad) connected to the electronic device (e.g., computer). The method also provides for entering data corresponding to MICR characters, and converting the data to computer recognizable ASCII code.
The invention further provides a method of entering a magnetic ink character recognition (MICR) line into an electronic device where the MICR line includes a plurality of MICR line characters. The method includes the acts of providing a manual data entry device in communication with the electronic device, inputting the first MICR line character with the pointer device, converting the first MICR line character into a first computer recognizable code, and repeating the acts of inputting the MICR line character and converting the MICR line character for the remaining plurality of MICR line characters.
It is an advantage of the invention to provide an entry system for use in entering a MICR line into an on-line financial Web site where the purchaser can enter the MICR line as seen on a financial document.
It is another advantage of the invention to allow the user to enter the MICR code line as seen on the financial document without having the user interpret the MICR code line.
It is yet another advantage of the invention to perform typographical data validation routines to minimize the number of decline responses due to typographical errors.
Other features and advantages of the invention are set forth in the following detailed description, drawings and claims.